Iva payment how much?

wookie999

Hi


I have unsecured debts of 28500,have disscussed with ccsc,have recommended that iva is a route for us, have done the budget and we have £174.00 left to pay the creditors,i notice a lot of people pay a lot more into theres would you think they would accept a payment this low

Thanks Paul

samace83

Hi Paul
I am budgeted to pay £180 into mine so I can't see them having a problem with £174
Sam

wookie999

hi sam
Thanks for the reply hate to ask but for the same debt as mine or a lot less

sorry for asking
paul

Charco_2

The law allows that you only pay wat you can afford. No more and no less. The creditors however over the years have put pressure on only to accept IVAs that reach a required dividend... to be honest you should try speaking to an IVA company to see what they say - £174 is quite low but not unheard of... if it's all you can afford, it's all you can afford!

wookie999

Thanks for the reply,just dont know what to do,whether to sell the house and try and aviod the iva or stay and go for it,this has been the most stressful time of my life.Cant see a way to sort everything.

samace83

Hi Paul
My debt is slightly (but only slightly!) less than yours
As Charco says once you have completed your SOA and it shows that you can only afford £174 then I can't see the creditors having a problem - if you went bankrupt they wouldn't get anything so £174 a month for 5 years is better than a kick in the teeth!
Do speak to an IVA Provider though and have that confirmed.
Sam

wookie999

Sam
Thanks going to speak to them again tommorrow so will confirm,very concerned about going for it and getting rejected for not having enough to pay,so i will ask them
Thanks for your time
Paul

Charco_2

An IP would be able to run through your options with you in about 20 minutes. Make sure only to speak to one that will speak to you for free though - no up front fees!

If you have equity in your house it's worth finding out how to protect your home too. I wouldn't simply sell up now unless the amount of equity more than covers your debts! If your debts are bigger than your equity then its not going to sove your problem... you might be able to strike a deal though! (worth speaking to an IP though!)

althas

At the end of the day, it will be the creditors final decision. But if you are with a reputable IP, they will guide you through, and if they put an IVA forward for you to your creditors, then they would think there is a fair chance of it being agreed

GL to you

phild145

Hello,

I am almost 15 months into my IVA. Debts were approximately 25000. For the first 9 months I paid £113. This went up to £161 after that and that is what I am paying at the moment so cant see your £174 being a problem

Good Luck